Cision PR Newswire
GID Announces Acquisition of 99,500+ sq ft Industrial Buildings in Phoenix, AZ
News provided byGID Real Estate
May 26, 2023, 9:17 AM ET
PHOENIX, May 26, 2023 /PRNewswire/ -- GID, a real estate owner and fiduciary that invests in multiple asset classes, has announced the acquisition of First Commons, a 99,500+ sq ft industrial property in Phoenix, AZ.
With two buildings, located at 4625 and 4635 W. McDowell Road in the Southwest Valley of Phoenix, First Commons offers a shallow-bay, multi-tenant industrial property with low office finish in the Southwest Valley.
The property contains 12 dock high and 17 drive-in doors with an average clear height of 16'-18' and is 100% leased to 12 tenants that occupy 13 suites, averaging around 7k sq ft per suite.
The combination of smaller units, low office finishes, and recent capital upgrades allows this property to remain highly attractive to potential and existing tenants.
To learn more about GID Industrial, visit www.gid.com/invest/industrial.
GID is a leading real estate investment and management firm that operates a diverse portfolio of multifamily, industrial, and mixed-use developments across the United States. With over 60 years of experience across multiple asset classes, GID is an established real estate private equity investor and fiduciary supported by an integrated operating platform with approximately 53,000 multifamily units and over 27 million square feet of industrial and commercial space of assets under management. The company also launched a credit platform in 2022 that aims to provide commercial real estate debt solutions for institutional borrowers.
With corporate offices in Atlanta, Boston, Dallas, New York City, and San Francisco, GID employs over 1,200 real estate professionals and operates an expansive portfolio of existing and under-development properties valued at over $29.71 billion as of March 2023.
1 Assets Under Management is calculated in compliance with the definition for Assets Under Management ("AUM") prescribed in INREV's Global Definitions Database.
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SOURCE GID Real Estate
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